Bitcoin Price Weekly Analysis – BTC/USD Primed for Gains

Key Factors

  • Bitcoin worth rocketed greater and moved above a serious resistance at $eight,500 in opposition to the US Greenback.
  • There’s a connecting bullish pattern line forming with assist at $eight,650 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is at present consolidating above $eight,600 and it primed for extra positive factors within the close to time period.

Bitcoin worth is again in a bullish pattern above $eight,000 in opposition to the US Greenback. BTC/USD will almost definitely lengthen positive factors above $9,000 within the close to time period.

Bitcoin Price Assist

This previous week, there was a stable assist base fashioned close to $7,800 in bitcoin worth in opposition to the US Greenback. The value began an upside transfer and broke the $eight,500 resistance. It was a serious transfer that pushed the worth in a bullish wave in the direction of the $9,000 stage. It traded as excessive as $9,080 earlier than sellers appeared. Later, a minor draw back correction was initiated under $9,000.

BTC worth examined the 23.6% Fib retracement stage of the final wave from the $7,828 low to $9,080 excessive. Nonetheless, the draw back transfer appears to be restricted by the $eight,700 stage. There’s additionally a connecting bullish pattern line forming with assist at $eight,650 on the Four-hours chart of the BTC/USD pair. Furthermore, the 38.2% Fib retracement stage of the final wave from the $7,828 low to $9,080 excessive is at $eight,602. Due to this fact, there are numerous helps on the best way down as much as $eight,600. Moreover, the earlier resistance at $eight,500 might maybe act as a robust assist.

Wanting on the chart, there’s a important uptrend in place above the $eight,500 assist. As soon as the present correction part is over, the worth will almost definitely bounce again in the direction of $9,000. Above the acknowledged $9,000, the worth may even take a look at the al-important $10,000 stage.

Wanting on the technical indicators:              

Four-hours MACD – The MACD for BTC/USD is barely within the bullish zone.

Four-hours RSI (Relative Energy Index) – The RSI is transferring decrease from the 80 stage.

Main Assist Degree – $eight,500

Main Resistance Degree – $9,000

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